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Wednesday, September 26, 2012

Kase and Company....Bad news for November Crude Oil Bulls

It's Wednesday and that means it's time to check in with Kase and Company for their call on November crude oil action.....

The outlook for November crude is negative. Prices have sustained a close below $92.1 for the past two days and should test support at $89.5 tomorrow. A close below this would call for $88.8 and then key support at $87.7 to be met.

Intraday momentum indicators show that the move down is becoming exhausted, so corrections may take place. Initial resistance is $92.5, but until there is a close over $94.3, the near-term bias will remain negative.....Here's the entire post and charts.